Before Market Opens: 9 things to know at 9 am on August 2, 2022

Wall Street ended a three-day winning streak and crude prices plunged on Monday as economic data from the US, Europe and China showed demand weakening under inflation pressures, while the looming possibility of recession curbed risk appetite. All three major US indices ended the choppy session modestly lower on the first day of August, on the heels of the S&P 500's and the Nasdaq's largest monthly percentage gains since 2020. The Dow Jones Industrial Average fell 46.73 points, or 0.14 percent, to 32,798.4, the S&P 500 lost 11.68 points, or 0.28 percent, to 4,118.61 and the Nasdaq Composite dropped 21.71 points, or 0.18 percent, to 12,368.98.

Asia stocks continued a decline from Wall Street on Tuesday, and US long-term Treasury yields sank to a four-month low, pulling the US dollar down against the yen and other currencies as investors worried about the risk of a global recession. The Australian and South Korean equity benchmarks suffered losses of about 0.3 percent each, while Japan's Nikkei tumbled 1.17 percent. MSCI's broadest index of Asia-Pacific shares retreated 0.8 percent.

At 8:20 am, the SGX Nifty was trading 83 points or 0.5 percent higher at 17,309, indicating a weak opening for the Indian markets.

Positive global cues, a fall in crude oil prices and the rupee's rise against the dollar helped the domestic market stay in the green for the fourth consecutive session on August 1. Sensex ended 545 points, or 0.95%, higher at 58,115.50 with 24 stocks in the green and 6 stocks in the red. Nifty closed the day with a gain of 182 points, or 1.06%, higher at 17,340.05.

Oil prices edged lower on Tuesday, extending losses from the previous session, as investors worried about global oil demand following weak manufacturing data in several countries. Brent crude futures fell 29 cents to $99.74 a barrel by 0002 GMT, with WTI crude futures down 22 cents at $93.67 a barrel. The slide came after Brent futures slumped on Monday to a session low of $99.09 a barrel, their lowest since July 15. The US crude benchmark dropped to as low as $92.42 a barrel, its weakest since July 14.

Adani Green Energy, Bank of India, Indus Towers, Siemens, Voltas, Bosch, Brigade Enterprises, Deepak Nitrite, Gati, Godrej Properties, Lemon Tree Hotels, MOIL, Paradeep Phosphates, Thermax, Tube Investments of India, are some firms likely to report their June quarter earnings today

Gold prices rose to a four-week high in international markets on August 2, thanks to a weaker dollar and a fall in the US Treasury yields which raised the appeal of the yellow metal. Concerns over economic slowdown are also supporting the bullion prices.

The rupee closed 24 paise higher at 79.03 per dollar, supported by gains in the equity market and FPI inflows. Analysts point out that the bias remains downward for the short term and the rupee is expected to be in a broad range of 78.70 and 79.40.

Foreign institutional investors (FIIs) net bought shares worth ₹2,320.61 crore, whereas domestic institutional investors (DIIs) net sold shares worth ₹822.23 crore on August 1, as per provisional data available on the NSE.